A brand name that cannot be spoken is referred to as a __________.
A. label
B. copyright
C. trade name
D. trade mark
E. logo or logotype
Answer:
Three different objectives relate to a firm’s profit, which is often measured in terms of
return on investment. One objective, known as _________, is common in many firms
because the targets can be set and performance measured quickly.
A. managing for long-run profits
B. target return
C. breakeven strategy
D. maximizing current profit
E. minimizing risk
Answer:
The most common way of collecting questionnaire data to generate ideas, which
involves a single researcher asking questions of one respondent, is referred to as a(n)
A. panel.
B. focus consultation.
C. individual interview.
D. face-to-face exchange.
E. interactional interview.
Answer:
The emergency room staff in Houston’s largest hospital is pleasantly surprised when a
four-day Fourth of July weekend brings in few accident victims for treatment. They
know from experience that such public holidays usually have high rates of accidents.
For the hospital’s business office, the lower demand for the emergency room services
means
A. a break in the service continuum.
B. its services are no longer tangible.
C. its services can be separated from the staff.
D. the hospital has idle production capacity.
E. an opportunity for gap analysis.
Answer:
When prospective buyers observe the bids of others and decide whether or not to
increase the bid price, it is called a(n)
A. forward auction.
B. reverse auction.
C. webfront auction.
D. traditional auction.
E. bidder’s war.
Answer:
Recently, the Japanese government, under pressure from its domestic farm lobby,
slapped government taxes on mushrooms, leeks, and the reeds used in tatami mats that
were being imported from China. These taxes Japan levied are referred to as
A. WTO taxes.
B. quotas.
C. tariffs.
D. excise taxes.
E. subsidies.
Answer:
Parthenon Photo
The Parthenon, shown in the photo above, evokes strong feelings from consumers in
Greece and is referred to as the “holy rock.” Coca Cola marketers did not respect that
this __________, when used in a marketing campaign by replacing the columns with
Coke bottles, would arouse such an angry response in that country.
A. cultural symbol
B. anthropomorphic code
C. back translation
D. semantic representation
E. civil analysis
Answer:
__________ involves operating computer networks that can store and process data. For
marketers, it can be used to extract hidden information from large databases such as
households’ product purchases, TV viewing behavior, and responses to coupon or
free-sample promotions.
A. Data mining
B. Environmental scanning
C. Computerization
D. E-marketing
E. Information technology
Answer:
An agent refers to
A. any intermediary with legal authority to act on behalf of the manufacturer.
B. independent firms or individuals whose principal function is to transport goods.
C. any intermediary who takes ownership of a manufacturer’s goods or services and
then finds multiple buyers for them.
D. a manufacturer’s paid representative and acting voice in initial sales transactions.
E. a manufacturing “matchmaker” who actively seeks out potential consumers and
brings them to retailers.
Answer:
In the Boston Consulting Group (BCG) model for analysis of a firm’s strategic business
units, or SBUs, the vertical axis reflects __________.
A. market growth rate
B. marketing efficiencies
C. industry attractiveness
D. market segment size
E. relative market share
Answer:
Procter & Gamble supports disadvantaged youth and provides relief after disasters
strike when its customers purchase selected company products. This is an example of
A. cause marketing.
B. philanthropic marketing.
C. green marketing.
D. public relations.
E. societal promotions.
Answer:
Which is the most common form of distribution density used today?
A. selective distribution
B. intensive distribution
C. extensive distribution
D. exclusive distribution
E. concentrated distribution
Answer:
Recently, certain toys that were manufactured in China were found to have very high
levels of lead in the paint and were recalled. This action protected consumers’ right to
A. safety.
B. be informed.
C. be heard.
D. choose.
E. be treated courteously.
Answer:
Concern that Microsoft’s 86 percent share of the PC operating system market was a
__________ that limited consumers’ Internet access to its Internet Explorer browser
instead of offering them a choice of browser led to lawsuits and consent decrees from
the U.S. Justice Department and investigations and fines from the European Union.
A. pure competition
B. an oligopoly
C. monopolistic competition
D. a pure monopoly
E. a megopoly
Answer:
About 65 percent of BzzAgents are
A. Fortune 500 CEOs.
B. buzzing entrepreneurs.
C. older than 25 years of age.
D. considered low-income.
E. men.
Answer:
It is not recommended that a firm select a target segment that
A. would require entry in a global marketplace.
B. requires more than one marketing action.
C. has few competitors that target this same segment.
D. is incompatible with its company’s goals or objectives.
E. has a growth potential that would require increasing the current workforce.
Answer:
Emphasizing consistently low prices and eliminating most markdowns is referred to as
__________.
A. low-margin pricing
B. everyday low pricing
C. everyday fair pricing
D. value-based pricing
E. maintained pricing
Answer:
The primary organizational buying objective for business firms is to
A. create an atmosphere of inclusiveness.
B. help smaller companies stay in business.
C. increase the proficiency of its buyers.
D. help the firm achieve its objectives.
E. balance inventory.
Answer:
For many years, Kellogg’s Frosted Flakes, a ready-to-eat breakfast cereal, was
perceived as a cereal for children. Tony the Tiger, a cartoon character, extolled Frosted
Flakes, and advertisements depicted children enjoying the product with Tony in
competitive situations. Recently, in response to declining sales of Frosted Flakes, the
cereal-maker has adopted a new series of advertisements that show adults admitting that
they enjoy Frosted Flakes, too. Kellogg’s is attempting to __________.
A. develop a perceptual map for Frosted Flakes
B. reposition Frosted Flakes
C. complete the Frosted Flakes product life cycle
D. introduce a new product line extension for Frosted Flakes
E. position Frosted Flakes
Answer:
Advertisements designed to build goodwill or an image for an organization rather than
promote a specific product or service are referred to as __________ advertisements.
A. product
B. public service
C. institutional
D. reminder
E. repositioning
Answer:
From its inception, where did Hamdi Ulukaya, the creator of Chobani, Inc., want to
place Chobani yogurt?
A. the organic foods section of major grocery store chains
B. in warehouse club stores like Sam’s Club or Costco
C. the dairy case of major grocery store chains
D. in mass merchandise stores like Target
E. in both independent organic cooperatives, farmer’s markets, and major organic
grocery stores like Whole Foods or Sprouts
Answer:
In the Maslow hierarchy of needs, the most basic needs are physiological, followed by
safety, social, and personal. What category of needs is at the highest level?
A. intellectual needs
B. emotional needs
C. self-actualization needs
D. religious needs
E. psychological needs
Answer:
Hasbro is a $4-plus billion toy company that prides itself on donating to organizations
that help children, since this group and their parents comprise the target market for its
business. This is an example of a(n)
A. unit sales goal.
B. market share goal.
C. social responsibility goal.
D. sales revenue goal.
E. customer satisfaction goal.
Answer:
Danilo has decided to purchase a new video game console, not having owned one
before. He calls his gamer friends for recommendations about alternative brands and
options. He has few concerns about the purchase but wants a quick rundown of the
most important aspects to consider. In making his decision, Danilo seems likely to
engage in which of the following problem solving variations?
A. limited problem solving
B. extended problem solving
C. routine problem solving
D. alternative problem solving
E. integrated problem solving
Answer:
One of the strengths inherent in the use of the BCG business portfolio analysis is that it
A. is based solely on company perception rather than actual data.
B. considers all factors that might impact an SBU’s value to an organization.
C. acts as a strong motivational tool for employees in SBUs that have been labeled
“dogs” or “question marks.”
D. forces a firm to place each of its SBUs in the growth-share matrix, which in turn
suggests which SBUs will be cash producers or cash users in the future.
E. identifies specific marketing strategies and marketing tactics on how to solve SBU
shortcomings.
Answer:
When Fisher-Price managers attempted to redesign its classic toy, the Chatter
Telephone, they considered adding a noisemaker, wheels, and eyes to a basic plastic
telephone, and thus they developed several
A. virtual prototypes.
B. product substitutes.
C. product hypotheses.
D. new-product concepts.
E. new-feature matrices.
Answer:
A comparative ad
A. reinforces previous knowledge of a product.
B. assures current users they made the right choice.
C. promotes a specific brand’s features and benefits.
D. tells people what a product is, what it can do, and where it can be found.
E. shows one brand’s strengths relative to those of competitors.
Answer:
FreshCase packaging is the first-ever vacuum package for red meat that maintains the
meat’s appetizing color, reducing both food and plastic waste. This is an example of
creating __________ utility in the case-ready meat category.
A. time
B. place
C. form
D. possession
E. market
Answer:
Marketing refers to
A. the production of products or services that will generate the highest return on
investment.
B. the strategies used in the advertising and promotion of products and services to
customers around the globe.
C. the process of identifying target market segments for a product or service.
D. the activity involved in getting a product or service from the manufacturer to
ultimate consumers and organizational buyers.
E. the activity for creating, communicating, delivering, and exchanging offerings that
benefit its customers, the organization, its stakeholders, and society at large.
Answer:
The third and final phase of the strategic marketing process is the __________.
A. tactics phase
B. strategic phase
C. planning phase
D. implementation phase
E. evaluation phase
Answer:
Which of the following statements best describes the key difference between merchant
wholesalers and agents and brokers?
A. Merchant wholesalers don’t perform all channel functions whereas agents and
brokers do.
B. Agents and brokers only deal with consumer channels.
C. Agents and brokers make their profits based on the sales of merchandise they own,
while merchant wholesalers make profits based on fees paid for their services.
D. Merchant wholesalers take title to merchandise whereas agents and brokers do not.
E. Agents and brokers take title to merchandise whereas merchant wholesalers do not.
Answer:
The primary way in which relationship selling creates customer value is by
A. assigning a single sales representative to a single customer.
B. maintaining a long-term relationship that allows for tailoring of solutions.
C. guaranteeing fair and equitable prices for each client regardless of the size of the
purchase.
D. providing cumulative discounts based on customer loyalty and the length of the
customer relationship.
E. guaranteeing fair and equitable sales practices for each customer regardless of the
frequency of the purchase.
Answer:
Marketers can use one of two strategies: the first strategy uses Facebook Pages and
YouTube Channels, and the second strategy uses ads in newspapers, magazines, and on
TV. The difference between these two types of marketing strategies is that the first one
targets consumers who are __________ and the second one targets consumers who are
__________.
A. “passive receivers”; “active receivers”
B. an older demographic; a younger demographic
C. wealthy; disadvantaged
D. “active receivers”; “passive receivers”
E. “evangelists”; “brand ambassadors”
Answer:
Kellogg’s has several cereals targeted at different types of users. This is an example of
multiple products aimed at multiple markets. Manufacturing these different cereals is
clearly more expensive than producing one, but seems worthwhile if it serves
customers’ needs better, doesn’t reduce quality or increase price, and
A. conforms to all FDA guidelines.
B. adds to the manufacturer’s sales revenues and profits.
C. creates economy of scale.
D. decreases the cost of the physical plant.
E. stabilizes the sales revenues and profits.
Answer:
Caveat emptor refers to
A. the legal concept of let the buyer beware,’ which was pervasive in the American
business culture prior to the 1960s.
B. the marketing concept of be first or be last,’ implying that the first company to the
marketplace wins.
C. the Latin term meaning that all is fair in love and war,’ an attitude that was held by
most marketers prior to the 1990s.
D. the legal concept of such is life,’ which created many illegal as well as legal but
unethical business practices during the 1980s.
E. the Latin phrase meaning empty promises,’ which was a charge placed upon many
firms during the period after WWII when products failed to meet their marketing
claims.
Answer: